Zoho Books -  HSBC Integration

Zoho Books has partnered with HSBC to enable you to perform banking functions from within Zoho Books. With this integration, you can check your live account balance, initiate bill payments, fetch bank feeds automatically and do more. It brings banking and accounting to one platform.

Benefits

• Initiate payments to your vendors
• Initiate GST payments directly from Zoho Books
• Fetch bank feeds and reconcile transactions effortlessly
• View transaction status and real-time account balance
  

Watch this video to learn how the integration works.

Set up the HSBC Integration

To set up the HSBC integration in Zoho Books:

• Click the Gear icon in the top right corner and select Online Payments.
• Select the Vendor Payments tab.
• Click Set up Now on the HSBC tile.

• If you don’t have the credentials to integrate Zoho Books with HSBC, select No and click the Open HSBC Contact Form link to provide your details to the HSBC bank.

The link will open in a new tab where you can enter your organisation and contact details. The HSBC team will get in touch with you and help you create a new HSBC account (if you don’t have one already), or help you get the required credentials for your existing account.

• If you have the credentials to integrate Zoho Books with HSBC, you can use them to fill in the following information:

Field	Description
Profile ID	The HSBC team would have sent you the Profile ID via email.
Client ID	The HSBC team would have sent you this Client ID via email.
Client Secret	The HSBC team would have sent you this Client Secret via email.
HSBC Public Key	The HSBC team would have shared this file with you via email and you will have to upload it. This field will only support formats such as pem, crt, txt, doc, and docx.
HSBC Bank Account	You can select one of the bank accounts that was created in the Banking module, or add a new bank account and select it.
Secret PIN	Set a secure PIN that you will remember as you will use it to initiate payments in Zoho Books.

• Agree to the Terms and Conditions and click Set up Now.

Zoho Books and HSBC bank will be integrated.

Add Bank Account for Bank Feeds

Next, you can add your bank account to fetch the bank feeds into Zoho Books automatically. To add:

• Click the Gear icon in the top right corner and select Online Payments.
• Select the Vendor Payments tab.
• Under HSBC, click Add Account to Fetch Bank Feeds. 

• Select the HSBC bank account from the list and select the date from which you want to import the bank feeds.
• Click Add to add the bank account and exit.
  
  OR
  
  Click Add and Next to add another HSBC bank account.

The connection between the bank account and Zoho Books will be established and the bank feeds will be fetched into Zoho Books from the date you’ve mentioned.

Check Your Live Account Balance

Once you’ve added your HSBC bank account, you will be able to check your live account balance from the Banking module whenever you need. To check:

• Click the Banking module from the left sidebar.
• Select the bank account that’s connected to Zoho Books.
• Click View Live Account Balance and your bank account’s live balance will be displayed.

Refresh Bank Feeds

When you want to fetch the latest feeds from your bank account into Zoho Books, you can refresh the bank feeds.

• Click the Banking module from the left sidebar.
• Select the bank account that’s connected to Zoho Books.
• Click the Gear dropdown and select Refresh Feeds.

The fetching of bank feeds will be initiated in the back end and you can continue using Zoho Books. The latest bank feeds will be available shortly.

Learn about categorising and matching transactions, adding transactions, creating transaction rules and more from the Banking module using your bank account.

Make Payments to Vendors

1. Add Vendor’s Bank Account Details

The first step in making payments towards a vendor is adding the vendor’s bank account details to the contact. To add vendor’s bank account details:

• Go to Purchases > Vendors and select the vendor.
• Click the More dropdown and select Add Bank Account.

• Enter the vendor’s bank account details in the pop-up and click Save.

2. Initiate Payments

Once you’ve added your vendor’s bank account details, you can initiate payments from Zoho Books in three ways:

• Pay Individual Bills
• Pay Multiple Bills
• Pay Vendors in Advance

Pay Individual Bills

You can initiate a payment via HSBC for a bill in Zoho Books. To initiate payment:

• Go to the Bills module under *Purchases* on the left sidebar. 
• Select the bill for which you need to make the payment.
• Click the Pay via HSBC button in the options on the top bar.

• Enter the payment details in the pop-up that appears.

Fields	Description
Balance Due	The total sum of the money due for payment for a particular bill.
Amount	Enter the amount you would like to pay. You can make a complete or a partial payment towards the bill.
From Account	Select the From Account from the list of HSBC bank accounts from which you can initiate a payment.
To Account	Select the account to which you would like to make the payment.
Transaction Type	Select the Transaction Type from the available fund transfer options. The modes of fund transfer available are NEFT and RTGS.

• Click Proceed and a pop-up will appear.

• Enter the Secret PIN that you configured while setting up the integration and click Initiate Payment.

The payment will be initiated from within Zoho Books and you will have to authorise the payment from the HSBCnet.

Pay Multiple Bills

There are two ways by which you can initiate payments towards multiple bills:

1. Pay multiple bills of the same vendor
2. Pay multiple bills of different vendors

Pay multiple bills of the same vendor

• Go to the Payments Made module under Purchases on the left sidebar.
• Click + New at the top right corner.

• Select the vendor whose bills you want to pay.
• Select the Initiate payment via HSBC option.
• Enter the Amount that you want to pay. You can also click Pay Full Amount and make payment for all the bills at once.
• Select the From Account from which you want to initiate payment for all the bills.
• Select the To Account and the Transaction Type.
• Enter the split-up of the amount you’ll be paying towards each bill in the Payment column.
• Verify your details and click Initiate Payment.

• Enter the Secret PIN that you configured while setting up the integration and click Initiate Payment.

The payment will be initiated and you will have to authorise the payment from the HSBCnet.

Pay multiple bills of different vendors

• Go to the Bills module under Purchases on the left sidebar.
• Mark the bills of different vendors for which you want to initiate the payment.
• Click the Pay via HSBC button at the top bar.

• Select a From Account from the dropdown.
• Choose the Transaction Type as NEFT or RTGS. You can choose RTGS when the transaction amount is greater than INR 2,00,000 and NEFT when it is lesser than INR 2,00,000.
  
• Edit the payment amount if you want to pay a different amount from the pre-filled amount.
• Click Initiate Payment.

• Enter the Secret PIN that you configured while setting up the integration and click Initiate Payment.

The payment will be initiated and you will have to authorise the payment from the HSBCnet.

Pay Vendors in Advance

You can make advance payments to vendors directly. To initiate an advance vendor payment:

• Go to the Payments Made module under Purchases on the left sidebar.
• Click + New at the top right corner.

• Select the Vendor Advance tab at the top bar.
• Select the vendor for whom you want to make the advance payment.
• Select the Initiate payment via HSBC option.
• Enter all the tax related details such as the Source and Destination of Supply, Reverse Charge and TDS.
• Enter the Amount to be paid.
• Select the account from which you want to make the payment in the From Account option.
• Select the To Account and the Transaction Type.
• Verify your details and click Initiate Payment.

• Enter the Secret PIN that you configured while setting up the integration and click Initiate Payment.

The payment will be initiated and you will have to authorise the payment from the HSBCnet.

3. Authorise Payment in HSBCnet

If you had initiated a NEFT or RTGS payment from within Zoho Books, you will have to authorise that payment using File Level Authorisation (FLA). In FLA, you will have to authorise or reject a file which may contain one or multiple payments.

To authorise the payment from HSBCnet:

• Log in to HSBCnet using your credentials.
• Navigate to the Menu and select Payments and transfers.
• Click File authorisation. In the following screen, you will see the files of the NEFT and RTGS payments that you had initiated from Zoho Books.

• Select the file and click Review files.

• Click Authorise file to authorise the payment. Or, you can click Reject file to reject the payment.

Once you authorise the file, you’ll see a confirmation screen with the payment status and the details. This payment may be sent for further authorisations based on the authorisation structure that is configured at HSBCnet for the account. Once the payment is made successfully, the corresponding bill’s status in Zoho Books will be updated to Paid automatically.

Make Cross-Border Payments to Vendors

You can pay your vendors who are overseas using the Zoho Books-HSBC integration. The first step in making payments towards a vendor is adding their bank account details to their contact in Zoho Books.

Add Vendor’s Bank Account Details

To add a vendor’s bank account details:

• Go to Purchases in the left sidebar and select Vendors.
• Create a new vendor for whom you wish to make the cross-border payment.
• Select the foreign currency in the Other Details section.
• Click Save.
• Click the More dropdown and select Add Bank Account.
• Enter the vendor’s bank account details in the pop-up and click Save.

Next, you need to create a bill for this vendor for whom you wish to make the cross-border payment.

Once you’ve added your vendor’s bank account details and have created a bill for them, you can initiate payments for that particular bill.

Initiate Cross-Border Payments

You can initiate cross-border payments in Zoho Books in three ways:

• Pay Individual Bills
• Pay Multiple Bills
• Pay Vendors in Advance

Pay Individual Bills

You can initiate a cross-border payment via HSBC for an individual bill in Zoho Books. Here’s how:

• Go to Purchases in the left sidebar and select Bills.
• Select the bill for which you need to make the payment.
• Click the Pay via HSBC button in the top bar.

• Enter the payment details in the pop-up that appears.

Fields	Description
Balance Due	The sum total of the money due for payment for a particular bill.
Payment Amount	Enter the amount you would like to pay. You can make a complete or a partial payment towards the bill.
From Account	Select the From Account from the list of HSBC bank accounts from which the amount will be deducted.
To Account	Select the bank account to which you would like to make the payment.
Transaction Type	XACH will be selected as the default transaction type.

• Enter the Purpose of Payment and Payment Description for your reference.
• Click Proceed and a pop-up will appear.

• Enter the Secret PIN that you had configured while setting up the integration and click Initiate Payment.

The payment will be initiated from within Zoho Books and you will have to authorise the payment from the HSBCnet.

Pay Multiple Bills

There are two ways by which you can initiate cross-border payments towards multiple bills:

• Pay multiple bills of the same vendor
• Pay multiple bills of different vendors

Pay multiple bills of the same vendor

You can pay multiple bills of the same vendor provided that they all have the same foreign currency.

• Go to Purchases in the left sidebar and select Payments Made.
• Click +New in the top right corner.
• Select the vendor.
• Select the Initiate payment via HSBC option.
• Enter the Amount that you want to pay. You can also click Pay Full Amount and make payment for all the bills at once.
• Select the From Account from which you want to initiate payment for all the bills.
• Select the To Account.
• Enter the split-up of the amount you’ll be paying towards each bill in the Payment column.
• Verify your details and click Initiate Payment.

• Enter the Secret PIN that you had configured while setting up the integration and click Initiate Payment.

The payment will be initiated from within Zoho Books and you will have to authorise the payment from the HSBCnet.

Pay multiple bills of different vendors

You can pay multiple bills of different vendors provided that they all have the same foreign currency.

• Go to the Bills module in the left sidebar and select Purchases.
• Select the bills of different vendors for which you want to initiate the payment.
• Click the Pay via HSBC button at the top bar.

• Select a From Account from the dropdown.
• Edit the payment amount if you want to pay a different amount than the pre-filled amount.
• Click Initiate Payment.

Enter the Secret PIN that you had configured while setting up the integration and click Initiate Payment.

The payment will be initiated from within Zoho Books and you will have to authorise the payment from the HSBCnet.

Pay Vendors in Advance

You can make advance cross-border payments to vendors directly. Here’s how:

• Click Purchases in the left sidebar and select Payments Made.
• Switch to the Vendor Advance tab.
• Click + New at the top right corner.
• Select the vendor for whom you want to make the advance payment.
• Select the Initiate payment via HSBC option.
• Select the TDS.
• Enter the Amount to be paid.
• Select the account from which you want to make the payment in the From Account option.
• Select the To Account.
• Verify your details and click Initiate Payment.

Enter the Secret PIN that you had configured while setting up the integration and click Initiate Payment.

The payment will be initiated from within Zoho Books and you will have to authorise the payment from the HSBCnet.

Authorise Cross-Border Payment in HSBCnet

If you had initiated a XACH payment from within Zoho Books, you will have to authorise that payment in HSBCnet.

To authorise the payment from HSBCnet:

• Log in to HSBCnet using your credentials.
• Navigate to the Menu and select Payments and transfers.
• Click Authorisation Summary under Authorisation section.

• Select the transactions that are of the Pending Authorisation status.
• Next, select Supporting Documents to attach regulatory documents and click Authorise to complete the authorisation.

This payment may be sent for further authorisations based on the authorisation structure that is configured at HSBCnet for the account. Once the payment is made successfully, the corresponding bill’s status in Zoho Books will be updated to Paid automatically.

Make GST Payments

  You can initiate payments towards your GST returns directly from Zoho Books. To initiate GST payments:

• Generate the challan in the GST portal.
• Click GST Filing on the left sidebar.
• Go to the Monthly / Quarterly Returns tab and click View Summary in the GSTR-3B Summary card.

• Go to the GST Payment tab and click Pay via HSBC.

OR

• Click GST Filing on the left sidebar.
• Go to the GST PAYMENTS tab and click Pay via HSBC to initiate GST payments.

• Enter the Payment Date and the Challan Date in the pop-up that appears.
• Enter the Payment Details such as your Account Number, IFSC, and select your From Account.
• Select NEFT or RTGS as the Transaction Type.  
• Enter the CGST, SGST, IGST and CESS values from your challan under the Tax Liability section.
• Click Proceed to Pay.

• Enter the Secret PIN that you configured while setting up the integration and click Initiate Payment. 

The payment will be initiated from Zoho Books and the status of the transaction will be In-progress. Once you authorise the payment at HSBCnet, the payment status will be updated in Zoho Books automatically.

Update HSBC Public Key

When your public key expires, HSBC will send a new public key to your email address. You should upload the new key in Zoho Books to continue using the integration. Here’s how:

• Go to Settings by clicking the Gear icon at the top right corner and select Online Payments.
• Select the Vendor Payments tab.
• Click Edit under HSBC bank.

• In the pop-up, click Choose File and upload your public key sent by HSBC.
• Check the I agree to the Terms and Conditions box after reading the terms and conditions.
• Click Proceed to Save.

• In the pop-up, enter your Secret PIN and click Save.

Your public key will now be updated, and you can continue using the integration.

Disable the Integration

If you don’t want your Zoho Books account to be connected with HSBC, you can disable the integration.

To disable:

• Click the Gear icon in the top right corner and select Online Payments.
• Select the Vendor Payments tab.
• Under HSBC, click Disable. You will see a confirmation popup.

• Click I understand, disable my integration or you can contact Zoho Books support if you need any help with using the integration.

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